Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Debt Capital Markets

<ul>
<li>We have been of the opinion that tokenized real world assets (RWAs), especially tokenized debt will represent a more understandable underlying value of tokens or cryptocurrencies than Bitcoin.</li>
<li>We are positive on tokens backed by risk-free assets such as US Treasuries or even investment-grade bonds as rates products for crypto funds and fractional investments for retail investors.</li>
<li>Private debt could be the next in line to enjoy mass adoption if the legal elements and credit protection have been put in place to gain trust of institutional investors.</li>
</ul>


We have been of the opinion that tokenized real world assets (RWAs), especially tokenized debt will represent a more understandable underlying value of tokens or cryptocurrencies than Bitcoin.
We are positive on tokens backed by risk-free assets such as US Treasuries or even investment-grade bonds as rates products for crypto funds and fractional investments for retail investors.
Private debt could be the next in line to enjoy mass adoption if the legal elements and credit protection have been put in place to gain trust of institutional investors.


Security Token Journal: Private Debt Tokens

Senior Cryptocurrency Analyst, Steno Research

Mads Eberhardt

Senior Cryptocurrency Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Crypto

<ul><li>Recently, we have discussed the significant positive shift in the U.S. regulatory environment for crypto.</li><li>You might be weary of regulatory discussions, but we need to address the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework.</li><li>This framework is set to take full effect on December 30, 2024.</li></ul>

Recently, we have discussed the significant positive shift in the U.S. regulatory environment for crypto.You might be weary of regulatory discussions, but we need to address the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework.This framework is set to take full effect on December 30, 2024.

Crypto Moves #30 – The European Union’s MiCA Removes Tether from the Market

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>Welcome to our weekly portfolio watch! In this piece, we look at the developments in our portfolio and try to assess the risk/reward in current markets.</li><li>Earlier this week, we received the monthly fund manager survey, and it seems like Energy remains underweight relative to benchmarks despite the recent performance.</li><li>Managers are also underweight equities in both Europe and the UK relative to benchmark allocations, while they also expect the Chinese economy to weaken further.</li></ul>

Welcome to our weekly portfolio watch! In this piece, we look at the developments in our portfolio and try to assess the risk/reward in current markets.Earlier this week, we received the monthly fund manager survey, and it seems like Energy remains underweight relative to benchmarks despite the recent performance.Managers are also underweight equities in both Europe and the UK relative to benchmark allocations, while they also expect the Chinese economy to weaken further.

Portfolio Watch: Any juice left in the anti-Europe bet?

Data-Driven Analysis of Cryptocurrency Markets, Kaiko

Kaiko

Data-Driven Analysis of Cryptocurrency Markets

Kaiko is the leading cryptocurrency market data provider for institutional investors and enterprises. We empower market participants with accurate, transparent, and actionable financial data to be leveraged for a range of market activities. Kaiko’s mission is to be the foundation of the new digital finance economy by serving as a single source for market information. Our mission is premised on the idea that high-quality data drives market efficiency and greater transparency throughout the industry. For each of our enterprise clients, we build custom data plans designed for a range of use cases.

<ul>
<li>Last week, Coinbase received approval to operate an offshore derivatives exchange, based in Bermuda.</li>
<li>This move makes a lot of sense, particularly when looking at Coinbase’s share of total spot volumes.</li>
<li>Since the start of 2022, Coinbase’s share of volumes has almost halved, falling from 10% to 5% while Binance gained as much as 30% market share over the same time period, before losing some in the last couple of weeks with their reintroduction of fees.</li>
</ul>


Last week, Coinbase received approval to operate an offshore derivatives exchange, based in Bermuda.
This move makes a lot of sense, particularly when looking at Coinbase’s share of total spot volumes.
Since the start of 2022, Coinbase’s share of volumes has almost halved, falling from 10% to 5% while Binance gained as much as 30% market share over the same time period, before losing some in the last couple of weeks with their reintroduction of fees.


Coinbase Targets Offshore Amid Falling Volumes

<ul><li>The banking crisis and ongoing regulatory crackdown have upended crypto market structure, leaving an uncertain dynamic among the world’s largest exchanges.</li><li>Over the past two weeks, Binance has lost 16% market share of trade volume following a CFTC lawsuit and the decision to end its zero-fee trading program.</li><li>The exchange remains the largest in the world with 54% dominance. </li></ul>

The banking crisis and ongoing regulatory crackdown have upended crypto market structure, leaving an uncertain dynamic among the world’s largest exchanges.Over the past two weeks, Binance has lost 16% market share of trade volume following a CFTC lawsuit and the decision to end its zero-fee trading program.The exchange remains the largest in the world with 54% dominance. 

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Security Token Journal: Private Debt Tokens

Here we examine private debt as underlying assets to be tokenized for the masses. This is the first small step in a very widening road ahead and...

Bondcritic

Crypto Moves #30 – The European Union’s MiCA Removes Tether from the Market

Recently, we have discussed the significant positive shift in the U.S. regulatory environment for crypto. You might be weary of regulatory...

Steno Research

Portfolio Watch: Any juice left in the anti-Europe bet?

Welcome to our weekly portfolio watch! In this piece, we look at the developments in our portfolio and try to assess the risk/reward in current...

Steno Research

Coinbase Targets Offshore Amid Falling Volumes

Since the start of 2022, Coinbase’s share of volumes has almost halved, falling from 10% to 5% while Binance gained as much as 30% market share...

Kaiko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Security Token Journal: Private Debt Tokens

Here we examine private debt as underlying assets to be tokenized for the masses. This is the first small step in a very widening road ahead and...

Bondcritic

Crypto Moves #30 – The European Union’s MiCA Removes Tether from the Market

Recently, we have discussed the significant positive shift in the U.S. regulatory environment for crypto. You might be weary of regulatory...

Steno Research

Portfolio Watch: Any juice left in the anti-Europe bet?

Welcome to our weekly portfolio watch! In this piece, we look at the developments in our portfolio and try to assess the risk/reward in current...

Steno Research

Coinbase Targets Offshore Amid Falling Volumes

Since the start of 2022, Coinbase’s share of volumes has almost halved, falling from 10% to 5% while Binance gained as much as 30% market share...

Kaiko

Binance Market Share Tumbles 16%

The banking crisis and ongoing regulatory crackdown have upended crypto market structure, leaving an uncertain dynamic among the world’s largest...

Kaiko